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Rivermine Achieves Major Milestones During First Half of 2007
FAIRFAX, Va. --(Business Wire)-- Experiencing unprecedented growth this year, Rivermine, a leading provider of telecom expense management (TEM) solutions, today announced its mid-year milestones. More than 85 companies now use Rivermine's solutions, and sales bookings have increased dramatically--first jumping 75 percent between 2005 and 2006, and then rising 118 percent between the third quarter of 2006 and the second quarter of 2007.
Rivermine also added several major strategic partnerships. Two of the largest global IT outsourcing and systems integration companies now deliver Rivermine's TEM solutions to their customers. In addition, a strategic partnership with wireless management leader BBR Wireless Management, formed in March, enables Rivermine to deliver comprehensive wireline and wireless TEM solutions to Fortune 1000 corporations and government agencies.
In February, Rivermine released version 5.0 of its market-leading software, including extensive features such as the Rivermine(R) Clarity Decision Engine--a component of Rivermine's reporting and analytics capabilities that enables companies to quickly analyze complicated data to make optimal network migration and rate plan decisions as well as automatically measure key performance areas against industry benchmarks.
Rivermine then received a third round of funding in June, led by Softbank Capital. The round totaled $8.7 million and included Rivermine's existing investors Columbia Capital, Longworth Venture Partners and Valhalla Partners.
"The first half of 2007 has been our strongest yet. Our latest product release, combined with solid partnerships and our third funding round, have enabled us to secure incredible market traction," said Mark Logan, president and CEO, Rivermine. "In the second half of 2007, we look forward to continuing our dramatic sales growth fueled by international expansion, development of our next-generation TEM platform and further expanding our managed services offerings and industry partnerships."
About Rivermine
Rivermine is a leading provider of automated solutions that enable organizations to gain visibility into, and control over, their wireless and wireline telecom spend. Rivermine's software and managed services have saved many Fortune 1000 companies and large government agencies millions of dollars per year. These market-leading Telecom Expense Management (TEM) solutions automate the entire telecom lifecycle including contract sourcing, procurement, ordering, inventory management, wireless device management, invoice processing, auditing and reporting/analytics. For more information, visit http://www.rivermine.com.
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